House GOP Working on Territorial Regime Proposal for Corporate Taxes

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Republicans on the House Ways and Means Committee are looking to unveil a proposal that would completely overhaul the corporate tax regime by moving the system from a worldwide system of taxation to a territorial tax regime, sources tell BNA. Lobbyists representing U.S. multinationals say they have not heard anything specific related to the timing of the proposal but they have heard that it will not be formal legislation, just a working draft. The idea behind this is that it would allow business interests to weigh in on a proposal before lawmakers turned it into actual legislation, multiple lobbyists say.